Core Viewpoint - Kewang Pharmaceutical has submitted its third IPO application to the Hong Kong Stock Exchange, focusing on addressing the unmet needs of patients who are resistant to existing PD-1 therapies, while facing significant financial challenges and leadership changes [1][9]. Company Overview - Founded in 2017, Kewang Pharmaceutical targets the critical issue of PD-1/PD-L1 therapy resistance, leveraging the expertise of its founders in the biopharmaceutical field [2]. - The company has developed a pipeline of six major assets, with four in clinical stages, including its core product ES102, a six-valent OX40 agonist antibody [2][3]. Product Development - ES102 is one of only two six-valent OX40 agonists in clinical development globally, aiming to improve treatment outcomes for patients unresponsive to PD-1 inhibitors [3]. - Clinical data shows that ES102 combined with PD-1 inhibitors achieves an objective response rate of 41.7% in PD-L1 high-expressing non-small cell lung cancer patients and 50% in head and neck squamous cell carcinoma patients [3]. Financial Situation - Kewang Pharmaceutical has incurred cumulative losses exceeding 1.8 billion yuan (approximately $250 million) as of September 30, 2025, with cash reserves of only 93.9 million yuan [7][8]. - The company relies on external licensing for its core products, which imposes significant financial obligations, including potential milestone payments totaling over $200 million [5][6]. Revenue Generation - The only revenue reported during the period comes from a collaboration with Astellas, projected to yield 107 million yuan in 2024 [4]. - Kewang's BiME platform, which activates macrophages through a dual-targeting mechanism, has shown promising preclinical results [4]. Leadership Changes - A significant leadership change occurred with the co-founder Lu Hongtao transitioning to a strategic advisor role, raising concerns about the company's future direction [1][11]. - The company has faced talent retention issues, including the departure of its Chief Medical Officer, which could impact its research capabilities [12]. Market Position - Kewang's focus on macrophage-targeting therapies differentiates it from competitors primarily pursuing T-cell therapies, positioning it uniquely in the oncology landscape [2][3].